MDIV vs. CTAP

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Multi-Asset Diversified Income Index Fund (MDIV) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP).

MDIV and CTAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MDIV is a passively managed fund by First Trust that tracks the performance of the NASDAQ US Multi-Asset Diversified Income Index. It was launched on Aug 14, 2012. CTAP is an actively managed fund by Simplify. It was launched on Dec 8, 2025.

Performance

MDIV vs. CTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi-Asset Diversified Income Index Fund (MDIV) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). The values are adjusted to include any dividend payments, if applicable.

MDIV vs. CTAP - Yearly Performance Comparison

	2026 (YTD)	2025
MDIV First Trust Multi-Asset Diversified Income Index Fund	4.59%	0.23%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	5.36%	2.44%

Returns By Period

In the year-to-date period, MDIV achieves a 4.59% return, which is significantly lower than CTAP's 5.36% return.

MDIV

• 1D: 0.56%
• 1M: -1.47%
• YTD: 4.59%
• 6M: 4.22%
• 1Y: 5.41%
• 3Y*: 10.12%
• 5Y*: 6.28%
• 10Y*: 5.01%

CTAP

• 1D: 1.18%
• 1M: -5.40%
• YTD: 5.36%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MDIV vs. CTAP - Expense Ratio Comparison

MDIV has a 0.73% expense ratio, which is higher than CTAP's 0.10% expense ratio.

MDIV

First Trust Multi-Asset Diversified Income Index Fund

CTAP

Simplify US Equity PLUS Managed Futures Strategy ETF

Return for Risk

MDIV vs. CTAP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MDIV

MDIV Risk / Return Rank: 30
MDIV Sharpe Ratio Rank: 31
MDIV Sortino Ratio Rank: 29
MDIV Omega Ratio Rank: 30
MDIV Calmar Ratio Rank: 28
MDIV Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MDIV vs. CTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Asset Diversified Income Index Fund (MDIV) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	MDIV	CTAP	Difference
Sharpe ratio Return per unit of total volatility	0.56	—	—
Sortino ratio Return per unit of downside risk	0.80	—	—
Omega ratio Gain probability vs. loss probability	1.12	—	—
Calmar ratio Return relative to maximum drawdown	0.64	—	—
Martin ratio Return relative to average drawdown	2.58	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MDIV	CTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.31	-0.98

Correlation

The correlation between MDIV and CTAP is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MDIV vs. CTAP - Dividend Comparison

MDIV's dividend yield for the trailing twelve months is around 6.30%, more than CTAP's 0.75% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDIV First Trust Multi-Asset Diversified Income Index Fund	6.30%	6.51%	6.40%	6.08%	6.71%	5.30%	6.00%	5.90%	6.76%	6.04%	6.35%	7.38%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

MDIV vs. CTAP - Drawdown Comparison

The maximum MDIV drawdown since its inception was -48.50%, which is greater than CTAP's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for MDIV and CTAP.

Drawdown Indicators

	MDIV	CTAP	Difference
Max Drawdown Largest peak-to-trough decline	-48.50%	-9.02%	-39.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.50%	—	—
Current Drawdown Current decline from peak	-2.25%	-5.64%	+3.39%
Average Drawdown Average peak-to-trough decline	-4.64%	-2.15%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	—	—

Volatility

Volatility by Period

	MDIV	CTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	22.12%	-12.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.02%	22.12%	-11.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.27%	22.12%	-6.85%